Correlation Between Jamna Auto and MAS Financial
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By analyzing existing cross correlation between Jamna Auto Industries and MAS Financial Services, you can compare the effects of market volatilities on Jamna Auto and MAS Financial and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Jamna Auto with a short position of MAS Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jamna Auto and MAS Financial.
Diversification Opportunities for Jamna Auto and MAS Financial
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jamna and MAS is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Jamna Auto Industries and MAS Financial Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAS Financial Services and Jamna Auto is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Jamna Auto Industries are associated (or correlated) with MAS Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAS Financial Services has no effect on the direction of Jamna Auto i.e., Jamna Auto and MAS Financial go up and down completely randomly.
Pair Corralation between Jamna Auto and MAS Financial
Assuming the 90 days trading horizon Jamna Auto Industries is expected to under-perform the MAS Financial. But the stock apears to be less risky and, when comparing its historical volatility, Jamna Auto Industries is 1.22 times less risky than MAS Financial. The stock trades about -0.3 of its potential returns per unit of risk. The MAS Financial Services is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 23,950 in MAS Financial Services on November 28, 2024 and sell it today you would lose (575.00) from holding MAS Financial Services or give up 2.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Jamna Auto Industries vs. MAS Financial Services
Performance |
| Timeline |
| Jamna Auto Industries |
| MAS Financial Services |
Jamna Auto and MAS Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jamna Auto and MAS Financial
The main advantage of trading using opposite Jamna Auto and MAS Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jamna Auto position performs unexpectedly, MAS Financial can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in MAS Financial will offset losses from the drop in MAS Financial's long position.| Jamna Auto vs. Patanjali Foods Limited | Jamna Auto vs. Vinati Organics Limited | Jamna Auto vs. Steel Authority of | Jamna Auto vs. Sunflag Iron And |
| MAS Financial vs. Consolidated Construction Consortium | MAS Financial vs. KNR Constructions Limited | MAS Financial vs. Sintex Plastics Technology | MAS Financial vs. Compucom Software Limited |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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